Crisis in Sri Lanka

Crisis in Sri Lanka

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Crisis in Sri Lanka”

What is the situation?

There is a mass protest seen outside President Gotabaya Rajapaksa’s residence in Colombo. Anger of protesting is the immediate reaction of the island’s a 13-hour-long power cut amid Sri Lanka’s worsening economic meltdown.

Riot police troops were swiftly got their position to the spot. They used tear gas and water cannons to diffuse the crowd, but those disturbing endured at the spot, chanting “Gota go home” in Sinhala.

Why the protest happening?

Sri Lanka is currently facing an economic crisis in the country due to some economic failures. The current crisis has spread out as the ruling administration’s biggest political challenge even after President Rajapaksa’s beating poll victory in 2019, and his party’s succeeding big win in the 2020 general elections.

Reasons behind Economic failures:

  • Currently, long queues in front of petrol stations having been seen due to shortage of supply.
  • The prices of essential commodities have soared up to sky
  • In some regions frequent blackouts was made.
  • Although the COVID-19 pandemic came down a crisis of trade imbalance, the fundamentals of the Sri Lankan economy have always had serious issues.
  • Sri Lanka has huge Debt, both domestic and foreign, which is a major problem.

India’s help in crisis:

  • In February 2020, Sri Lankan Prime Minister Mahinda Rajapaksa has urged India to reschedule the loan during his visit to New Delhi.
  • In last three months, India has given an assistance of $2.4 billion including a $500 million loan deferment and $1 billion credit line to enable the supply of essential commodities.

Some action for solving crisis:

  • The government expecting the end of the shortage of certain essential commodities before the start of the Sinhala-Tamil New Year (which falls in the middle of April) in which government will take steps for economic recovery.
  • Gotabaya Rajapaksa might be utilized the scheduled meeting with the Tamil political leadership to make a road map on the issue of political devolution and economic development of the war-affected northern and eastern provinces, among the areas badly hit by the current crisis.

Sri Lanka:

Capital: Colombo, Sri Jayawardenepura Kotte

Currency: Sri Lankan rupee

President: Gotabaya Rajapaksa

Prime Minister: Mahinda Rajapaksa

Question & Answer:

Q1. Which Asian country facing economic crisis?

Ans. Sri Lanka

Q2. How much dollar assistance provided by India to Sri Lanka?

Ans. $2.4 billion

Q3. What is the immediate reason for protesting outside President’s residence?

Ans. Thirteen hour long power cut in the country

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